Friday, 19 September 2014
Last updated 9 hours ago
May 18 2010 | 11:12am ET
Anil Kumar, the former McKinsey & Co. executive who said that Galleon Group founder Raj Rajaratnam paid him for insider tips, will pay $2.8 million to settle civil charges related to the case.
Kumar agreed to pay $2.6 million in restitution and more than $190,000 in prejudgment interest to settle the Securities and Exchange Commission lawsuit, filed against him after he was arrested last year and charged with passing on confidential information about McKinsey clients to Rajaratnam.
Kumar pleaded guilty in January to conspiracy and securities fraud as part of a plea deal with prosecutors. He told a judge that the Galleon founder paid him as much as $2 million for tips between 2004 and last year—an allegation that Rajaratnam, who has pleaded not guilty, denies.
Kumar faces up to 25 years in prison when he is sentenced, but is likely to get far less due to his cooperation with the investigation.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.